HK-listed jeweller Luk Fook hits near 10-year low on weak outlook due to virus

Luk Fook Holdings (International)

19/03/2020 04:39

** Shares of jewellery retailer Luk Fook Holdings
(International) Ltd  0590.HK  drop as much as 15.4% to HK$12.06,
their lowest since August 2010
    ** Stock on track for tenth consecutive session of decline
    ** Shares later trim loss to HK$12.34, still down 13.5%,
heading for worst day since September 2011 
    ** Luk Fook says overall same-store sales for January and
February slumped 49.9% from same period in 2019 as mainland
cities were under extensive lockdown, and visitors to Hong Kong
and Macau fell sharply amid coronavirus outbreak  urn:newsml:reuters.com:*:nFWN2BB0Y5
    ** Flags acute drop in revenue for January to March quarter,
substantial decline in revenue and profit for FY ending March
2020
    ** As of previous close, the stock had fallen 36.5% so far
this year
    ** Luk Fook has underperformed the Hang Seng Commerce &
Industry Index  .HSNC  by 7.3 percentage points in the past
month
    ** Bigger rival Chow Tai Fook Jewellery Group Ltd  1929.HK 
falls as much as 7.8% to HK$5.08, the lowest since Nov 2016
    ** The Hong Kong benchmark index  .HSI  falls 4.3%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)